Everglade Manufacturing sold equipment that had: • . • Original Cost $64,000 Accumulated Depreciation = $26,000 Loss on Sale = $8,000 As a result of this transaction, how much cash did Everglade Manufacturing receive?
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- Assume Sambazon.com e sold an acai processing machine for $172,000 cash. If accumulated depreciation on the sale date was $58,311 and a gain of $6,721 was recognized on the sale, what was the original cost of the asset? O $223,590 O $216,869 O $165,279 O $65,032 O $113,6899. JK Corp traded some used Machinery with book value of $60,000 (accumulated depr $50,000) and a FMV of $100,000 for a machine with a FMV of $90,000. Received $10,000 cash. Assume the exchange, however did not result in a change of future cash flow for either party. What is the dollar amount basis of the new asset for JK Corp? Thank you brenda9. TRANSCEND EXCEED Co. traded-in an old machine for a new model. Pertinent data are as follows: Old equipment: Cost 200,000 Accumulated depreciation Average published retail value 80,000 24,000 New equipment: List price Cash price without trade in Cash price with trade in 380,000 280,000 220,000 How much is the gain (loss) recognized by TRANSCEND Co. on the transaction? c. (60,000) d. 0 60,000 b. 160,000 а.
- Robertson traded in an old plant asset for a newer model that would be more productive and efficient. Data relative to the old and new plant assets follow: Old Plant Asset Original cost $10,000Accumulated depreciation of 7,000Fair value 2,000New Plant Asset List price 13,000 Robertson paid $10,500 cash in the trade. What should be the cost of the new plant asset for financial accounting purposes?a. $12,000b. $12,500c. $13,500d. $13,000How do I solve this?Slipper Company sold a productive asset, a machine, for cash. It originally cost Slipper $20,000. The accumulated depreciation at the date of disposal was $15,000. A gain on the disposal of $2,000 was reported. What was the asset's selling price?
- Beck Company and Train Corporation exchange equipment. Relevant information are as follows: Beck Train Equipment 2,000,000 2,500,000 Accumulated depreciation 1,125,000 1,687,500 Fair value 750,000 1,000,000 Cash payment/(received) 250,000 (250,000) Beck Company also traded an old equipment with a dealer for a newer model. Relevant information are as follows:Old equipment:Cost P1,400,000Accumulated depreciation 1,000,000Fair value 350,000Trade in value 500,000New equipment:List price P2,000,000Trade in value of old equipment (500,000)Cash payment P1,500,000Required1. Prepare journal entries related to the exchange using the following assumptions:a) Fair value approachb) Trade in value approachI need this question accounting questionWant Answer of the question
- ed A company has the following assets in a CGU: Land: $650,000 Building: $1,118,000 Equipment: $832,000 Assume that due to a change in the competitive environment, the fair value less costs of disposal of the CGU is now estimated to be $2,340,000. The present value of future cash flows is estimated to be $2,300,000. There is no impairment at the individual asset level. Required: Prepare the journal entry to record the impairment under IFRS. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 1 No Transaction General Journal 1 Impairment loss Land Building Equipment Debit Credit 260,000 50,000x 120,400x 89,600 xWhat is the result of this disposal transaction?Want Answer With Correct Solution